10 TIPS ON HOW TO MANAGE FINANCES IN STUDY MBBS ABROAD

The journey of study MBBS abroad can be overwhelming in various aspects. From selecting a college to boarding the flight to your destination, the entire process can be exhausting. I believe thorough research and careful planning in prior can significantly improve every step of this journey. A crucial concern for both parents and students pursuing MBBS abroad is financial management. Not everyone can afford the expenses associated with the aspiration of becoming a doctor through international education. Therefore, meticulous financial planning is essential to ensure a smoother and more manageable experience.

Here's the deal: when you write down what you spend, your brain takes notice. It helps you figure out what you bought, and if you note down why you got it, you can seriously think about your spending.

2. Make proper budget:

Create a solid plan for the things you really need and the fun stuff too. This way, you can see a clear of spending on unnecessary stuff. Planning your budget for things helps you be smart with your spending. It's like having a proper planning for your money. When you know exactly what you need and want, you're less likely to consume on things you don't really need. So make proper plan and note the essentials and leisure items, and watch your spending become more intentional.

3. Choose the affordable transportation:

Before heading to any country, check out the transportation choices available. Even though there might be various options, focus on finding the most affordable one. Explore options like the metro and other public transportation services. This can significantly cut down your expenses, making a considerable impact on your overall budget.

Saving on transportation costs leaves you with more money for other important things. So, take the time to research and choose budget-friendly transportation options—it's a game-changer for your finances while abroad.

4. Make use of student discounts:

Be sure to check out the offers and discounts provided with your international student ID card. These discounts cover restaurants, stores, and entertainment, offering you significant savings. Make the most of these deals to spend your money wisely. Knowing about these discounts can help you stretch your budget further.

Explore the various opportunities to save when dining out, shopping, or enjoying entertainment. By being aware of and using these offers, you'll find practical ways to cut down on expenses and make your spending go further during your time abroad.

5. Look for a part time job:

I'm aware that a lot of people are discovering this option for improving their finances. Consider searching for a part-time job to cover your tuition, mess, or hostel fees. The type of part-time job you're after will determine how much you can make. Finding part-time work in foreign countries is generally quite feasible, so take advantage of it and plan your finances accordingly.

Earning some extra cash through a part-time can go a long way in managing your expenses effectively. Explore opportunities that align with your schedule and skills, giving you an added financial boost during your time abroad. And can also reduce your parent’s financial burden.

6. Prefer second hand purchase:

Consider going for second-hand options when purchasing books, electronics, cooking utensils, and household equipment. Opting for second-hand books, in particular, can significantly ease the burden of book expenses. Explore local options for used items, which are often more budget-friendly. Buying pre-owned goods is a smart move to save money on essentials. Look for good deals on used books and other items, making your budget go further.

This approach allows you to acquire what you need without burdening on your financial pocket, providing a practical solution for managing your expenses while studying abroad.

7. Maintain a savings account:

Start by opening a bank account in your local area for convenient transactions. This account can be handy for receiving payments from your part-time job and also for receiving money from India. Make sure to save a portion of every amount you receive, whether it's from your parents or your part-time job. Having savings from all sources is a smart way to prepare for unexpected expenses. It serves as a financial safety net in case of emergencies.

By managing your finances through a local bank account and consistently saving, you'll be better equipped to handle unforeseen costs and ensure financial stability during your time abroad.

8. Opting for affordable accommodation:

When arranging accommodation, it's wise to opt for an on-campus hostel as it includes essentials like food, laundry, room maintenance, and electricity bills. If staying off-campus, consider shared rooms to lessen the financial load. In-campus hostels provide comprehensive services, making it a cost-effective choice. Sharing a room when staying off-campus can reduce your overall expenses.

Choosing accommodation strategically, either on or off-campus, can play a key role in managing your budget effectively. Keep in mind the convenience and cost benefits associated with on-campus options, or explore shared accommodations off-campus to make your living arrangements more economical during your stay.

9. Choose Medical Insurance:

When study MBBS abroad, it's crucial to be cautious about obtaining medical insurance as unforeseen medical emergencies can arise at any time. Having medical insurance can be a lifesaver in such situations, by reducing your expenses. Take the time to understand the different insurance options available so you can choose the one that best suits your needs.

Gaining knowledge about insurance is essential for making an informed decision and planning accordingly. During medical emergency, having insurance coverage ensures you can address the situation without putting a strain on your finances.

10. Prefer to do social work:

Rather than spending money on entertainment, consider engaging in social work. Being in a new country might tempt you to explore for entertainment, but getting involved in social activities allows you to utilize your weekends or free time productively. Not only will this keep you occupied, but it can also be a fulfilling and meaningful experience.

By opting for social work, you contribute positively to the community while managing your expenses wisely. Explore local volunteer opportunities or community events to make the most of your time abroad. This not only saves money but also provides a chance to connect with others and make a positive impact during your stay.

Conclusion:

Managing finances might seem challenging initially, but with careful planning and adherence to the tips mentioned above, you can undoubtedly navigate the journey successfully. This blog aims to assist you in mastering the art of financial management, providing valuable insights to help you overcome any initial difficulties.